MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	A INFRASTRUCTURE LIMITED
Formerly Known As :	Shree Pipes Limited
Registered Office :	Hamir Garh, Bhilwara – 311025, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.08.1980
Com. Reg. No.:	17-002077
Capital Investment / Paid-up Capital :	Rs. 107.107 Millions
CIN No.: [Company Identification No.]	L25191RJ1980PLC002077
TAN No.: [Tax Deduction & Collection Account No.]	JDHA02051A
PAN No.: [Permanent Account No.]	AABCA7493D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of AC Pressure Pipes and AC Roofing Sheets.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track. Management has reported a low profit margin during FY 13. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with some caution. NOTE: Company’s equity shares are Listed at the Delhi Stock Exchange Limited and Jaipur Stock Exchange Limited. There are no trading platforms available either of these stock exchanges hence stock market quote for the company’s equity shares is not available.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Kailash Rathi
Designation :	Accounts Manager
Contact No.:	Not Available
Date :	26.08.2014

LOCATIONS

Registered Office /Factory :	Hamir Garh, Bhilwara – 311025, Rajasthan
Tel. No.:	91-1482-286104 / 286102 / 3/5/6/7
Fax No.:	91-1482-286104
E-Mail :	cs@kanoria.org b5815@sbp.co.in accountsbhl@kanaria.org For any general enquiries ail_jaikirti@ainfrastructure.com For any current open positions (Careers) hrmanager@ainfrastructure.com For any purchase and product enquiries (A.C.Pipe) acpipe@ainfrastructure.com For any purchase and product enquiries (A.C.Sheet) acsheet@ainfrastructure.com For any purchase and product enquiries (GRP Pipe) grppipe@ainfrastrucure.com
Website :	http://www.ainfrastructure.com
Area :	80 biga sq ft
Location :	Owned
Manufacturing Unit .1	Madhya Pradesh A.B. Road, Maksi - 465106 Dist. Shajapur (M.P.) Located At :
Tel. No.:	91-7363-233421 / 22
Fax No.:	91-7363-233423
Manufacturing Unit. 2	Rajasthan Hamirgarh - 311025 Dist. Bhilwara (Raj.)
Tel. No.:	91-1482-286104
Manufacturing Unit. 3	Aurangabad E-25, MIDC, Chikal Thana, Aurangabad - 431210
Tel. No.:	91-240--2473372
Manufacturing Unit. 4	Ahmadabad Digvijay Nagar, Ranip, Ahmedabad – 382470, India
Tel. No.:	91-79-27524830
Marketing Office:	A -9A, Green Park, Main, New Delhi – 110016, India
Tel. No.:	91-11-26961849, 26850488
Fax No.:	91-11-26961358
Marketing Office :	Also Located At : · Rajasthan · Chandigarh · Mumbai · Chennai

DIRECTORS

As on: 30.09.2013

Name :

Mr. Sanjay Kumar Kanoria

Designation :

Managing Director

Address :

A-136, Neeti Bagh, New Delhi - 110 049, India

Date of Birth/Age :

11.12.1959

Date of Appointment :

01.10.2012

DIN No.:

0067203

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L25191RJ1980PLC002077	A INFRASTRUCTURE LIMITED	Managing director	01/10/2012	24/12/1988	-	Active	NO
2	U15420MH1991PLC063302	KANORIA SUGAR AND GENERAL MANUFACTURING COMPANY LIMITED	Managing director	17/09/1991	17/09/1991	-	Active	NO
3	U99999MH1973PLC062467	RELIANCE STEELS LIMITED	Director	22/01/1993	22/01/1993	-	Active	NO
4	U45201DL1991PTC114648	TAROUNI CONSTRUCTION AND FINANCE PRIVATE LIMITED	Director	20/03/2002	20/03/2002	-	Active	NO
5	U45201DL1991PTC114645	SANTUR CONSTRUCTION AND FINANCE PRIVATE LIMITED	Director	20/03/2002	20/03/2002	-	Active	NO
6	U45201DL1991PTC114647	SAMMAN CONSTRUCTION AND FINANCE PRIVATE LIMITED	Director	20/03/2002	20/03/2002	-	Active	NO
7	U45201DL1991PTC114649	DHOOP CHAWN CONSTRUCTION AND FINANCE PRIVATE LIMITED	Director	20/03/2002	20/03/2002	-	Active	NO
8	U65921DL1994PTC116875	ALOK FINTRADE PRIVATE LIMITED	Director	06/09/2002	06/09/2002	-	Active	NO
9	U51311DL1994PTC116874	LAND MARK DEALERS PRIVATE LIMITED TRS FROM CALCUTTA	Director	06/09/2002	06/09/2002	-	Active	NO
10	U92132DL2004PTC130592	SHAURYA PRODUCTION COMPANY PRIVATE LIMITED	Director	18/11/2004	18/11/2004	20/05/2009	Active	NO
11	L32109PN1984PLC033783	LALIT POLYMERS & ELECTRONICS LIMITED	Director	30/09/2009	27/06/2009	-	Active	NO
12	U65993DL1994PTC114646	CHIRAJ STOCK AND SECURITIES PRIVATE LIMITED TRS FROM W.B	Director	09/11/2010	09/11/2010	08/12/2010	Active	NO
13	U74899DL1974PLC007065	MOHINDRA UDYOG LIMITED	Director	30/09/2011	11/07/2011	-	Active	NO
14	U65910MH1992PTC065216	PRATYUSH FINANCE AND PROPERTIES PRIVATE LIMITED	Director	07/09/2013	31/03/2013	-	Active	NO

Name :

Mr. Munna Lal Goyal

Designation :

Director

Address :

B-40A, Ganesh Marg, Bapu Nagar Jaipur - 302 015, Bapu Nagar, India

Date of Birth/Age :

30.06.1931

Qualification :

MA .LLB

Date of Appointment :

26.12.007

DIN No.:

01427276

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1993PLC071175	MAJOR EXPORTS LIMITED	Director	22/03/1993	22/03/1993	-	Active	NO
2	L25191RJ1980PLC002077	A INFRASTRUCTURE LIMITED	Director	26/12/2007	01/10/2007	-	Active	NO
3	U70101DL2006PTC146945	DIVYA AASHIRWAD PROPERTIES PRIVATE LIMITED	Director	19/12/2007	19/12/2007	24/08/2009	Active	NO
4	L32109PN1984PLC033783	LALIT POLYMERS & ELECTRONICS LIMITED	Director	30/09/2009	30/07/2009	-	Active	NO
5	U45201RJ2008PLC026256	MANGLAM BUILD-DEVELOPERS LIMITED	Director	09/08/2011	19/07/2011	-	Active	NO

Name :

Mr. Kiritkumar Gunvantrai Dave

Designation :

Director

Address :

30B, Trust Nagar Society Near Shreyas Crossing, Paldi, Ahmadabad - 380 007, Gujarat, India

Date of Birth/Age :

19.02.1934

Qualification :

BE

Date of Appointment :

30.12.1999

DIN No.:

00282707

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L25191RJ1980PLC002077	A INFRASTRUCTURE LIMITED	Director	30/12/1999	30/12/1999	-	Active	NO
2	U74140GJ2005PTC045409	MULTI WATER TECHNOLOGY PRIVATE LIMITED	Director	02/02/2005	02/02/2005	-	Active	NO

Name :

Mr. Darvinder Ambardar

Designation :

Whole-time director

Address :

78,Malviya Nagar Near Golf Course, Ratanada, Jodhpur - 342 001, Rajasthan, India

Date of Birth/Age :

05.01.1965

Qualification :

Dip. In Electrical Engineer, MA, PGIRPM

Date of Appointment :

22.04.2014

DIN No.:

02672802

Name :

Mr. RAM KRISHNA

Designation :

Director

Address :

M-I-G, A-9, Sector- C, Ali Ganj, Lucknow - 226 024, Uttar Pradesh, India

Date of Birth/Age :

03.01.1948

Qualification :

M.A.L.T. ADEEBA KAMIL

Date of Appointment :

30.09.2009

DIN No.:

02773366

Name :

Mr. Shanti Lal Jain

Designation :

Director

Address :

C-93, Defence Colony, New Delhi - 110 049, India

Date of Birth/Age :

12.01.1943

Qualification :

LLB

Date of Appointment :

30.09.2010

DIN No.:

00060212

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC040993	NAVKAR ENTERPRISES PRIVATE LIMITED	Director	26/07/1990	26/07/1990	-	Active	NO
2	U51909DL1991PTC045131	MUKESH MERCHANTS PRIVATE LIMITED	Director	26/07/1991	26/07/1991	-	Active	NO
3	U74899DL1991PTC045339	CHOUBARA TRADERS PRIVATE LIMITED	Director	13/08/1991	13/08/1991	-	Active	NO
4	U99999DL1969GAP005106	INDIAN SUGAR EXIM CORPORATION LTD.	Nominee director	16/05/1995	16/05/1995	01/09/2009	Active	NO
5	U60231RJ2000PTC016281	MANIDHARI TRANSPORT PRIVATE LIMITED	Director	03/01/2002	03/01/2002	31/10/2008	Active	NO
6	U72900WB2000PLC091569	E-COMMODITIES LIMITED	Director	22/02/2002	22/02/2002	21/09/2007	Active	NO
7	L25191RJ1980PLC002077	A INFRASTRUCTURE LIMITED	Director	30/09/2010	13/08/2010	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Swati Acharya
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Name of shareholders	No. of shares	% of holding
Ganga Projects Private Limited	1979510	18.57
B. S. Traders Private Limited	1863550	17.48
Alok Fin Trade Private Limited	1613125	15.13
Anchal Fin Trade Private Limited	1385000	12.99
Nathdwara Fibre Cement Products Limited	1181920	11.09
Landmark Dealers Private Limited	600000	5.63

BUSINESS DETAILS

Line of Business :	Manufacturer of AC Pressure Pipes and AC Roofing Sheets.
Products :	· Single sheave pulley · Bush couplings · Hydraulic quick coupler · Elevator pulley · Ge stainless steel coupling · Girder coupler
Exports :
Products :	· Single sheave pulley · Bush couplings · Hydraulic quick coupler · Elevator pulley · Ge stainless steel coupling · Girder coupler
Countries :	Nepal
Imports :
Products :	Raw Material
Countries :	Africa
Terms :
Selling :	Cash, LC and Credit (30 Days)
Purchasing :	Cash, LC and Credit (30 Days)

PRODUCTION STATUS (31.03.2011)

Particulars	Current Years	Previous Years
Installed Capacity (Pipes/M.T.) (Asbestos Cement Pressure Pipe & Fittings – including 21,600 M.T.on Licence basis)	152600	152600
A.C.Roofing Sheet (in M.T.) (including 97,000 M.T. on Licence basis) (as certified by the management)	172000	172000
Asbestos Cement Pressure Pipes (in Mtrs.)	1213031.50	1604200.00
Couplings (in Nos.)	32026.00	153340.00

GENERAL INFORMATION

Suppliers :

BCW

Customers :

Public Health Engineering Department

No. of Employees :

400 (Approximately)

Bankers :

· Bank of Baroda, Bhilwara

· State Bank of Patiala, Bhilwara

· State Bank of Patiala, Basant Vihar, Bhilwara – 311001, Rajasthan, India

· State Bank of Bikaner and Jaipur, Bhopalganj, Bhilwara – 311001, Rajasthan, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
TERM LOANS
From Banks	73.691	101.861
From Others	1.132	1.761
SHORT TERM BORROWINGS:
Working Capital Loans From Banks	392.978	419.741
Bills Purchase Limit	33.392	33.060
Stand By Line of Credit (SLC)	30.392	30.120
Total	531.585	586.543

Banking Relations :	--
Auditors :
Name :	Agiwal and Associates Chartered Accountant
Address :	Lal Kothi, 2nd Floor, 3830, Pataudi House Road Above Bank Of Baroda, Darya Ganj, New Delhi, Delhi- 110002, India
Tel No :	91-11-23267461 / 23283162 / 23278579
Email :	Agiwal68@gmail.com
PAN No.:	AAAFA7062Q
Related Enterprises In Which Directors are Interested :	· Kanoria Sugar and General Manufacturing company Limited CIN: U15420MH1991PLC063302 · Reliance Steel Limited CIN: U99999MH1973PLC062467 · B.S. Traders Private Limited CIN:U67120DL1981PTC116873 · Land Mark Dealers Private Limited CIN: U51311DL1994PTC116874 · Ekta Tie-up Pvt. Limited CIN: U51909MH2004PTC145393 · Aakruti Investment Limited CIN: U65923MH1988PLC046995 · Satyatej Investments and Finanace Private Limited CIN: U65990MH1982PTC027674 · Indira Buildcon Private Limited CIN: U45400DL2008PTC180017 · Tarouni const and Finance Private Limited CIN: U45201DL1991PTC114648 · Anchal Fintrade Private Limited CIN: U65910DL1994PTC114651 · Ganga Projects Private Limited CIN: U45202DL1982PTC116872 · Lalit Polymers and Electronics Limited CIN: L32109PN1984PLC033783 · Chiraj Stock and Securities Private Limited · Vishvjyoti Trading Company Limited · Pranjal Investment Private Limited · Chirag Fiscal Services Private Limited

CAPITAL STRUCTURE

As on: 30.09.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs.130.000 Millions
1100000	Preference shares	Rs. 100/- each	Rs.110.000 Millions
	Total		Rs.240.000 Millions

Issued:

No. of Shares	Type	Value	Amount
10845150	Equity Shares	Rs.10/- each	Rs.108.452 Millions
	Total		Rs.108.452 Millions

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10661425	Equity Shares	Rs.10/- each	Rs.106.614 Millions
183725	Add : Forfeited Shares		Rs. 0.493 Million
	Total		Rs. 107.107 Millions

DETAILS OF SHARES HELD BY SHAREHOLDERS HOLDING MORE THAN 5% OF THE AGGREGATE SHARES IN THE COMPANY

Name of shareholder	As at 31^st march 2013
	No. of Shares Held	% of Holding
Ganga Projects Private Limited	1979510	18.57
B. S. Traders Private Limited	1863550	17.48
Alok Fin Trade Private Limited	1613125	15.13
Anchal Fin Trade Private Limited	1385000	12.99
Nathdwara Fibre Cement Products Limited	1181920	11.09
Landmark Dealers Private Limited	600000	5.63

During the year, there is no change in Authorised share capital of Praeference shares and Equity Shares of the company.

During the year, there is no change in issued, subscribed and paid up Preference Share Capital and Equity Share Capital

The company has only one class of equity shares having at par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts, in proportion of their shareholding

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	107.107	107.107
(b) Reserves & Surplus	402.416	403.259
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	509.523	510.366
(3) Non-Current Liabilities
(a) long-term borrowings	153.753	122.829
(b) Deferred tax liabilities (Net)	9.756	6.834
(c) Other long term liabilities	56.503	51.141
(d) long-term provisions	33.552	30.551
Total Non-current Liabilities (3)	253.564	211.355
(4) Current Liabilities
(a) Short term borrowings	467.043	512.191
(b) Trade payables	369.790	199.937
(c) Other current liabilities	208.120	210.474
(d) Short-term provisions	17.306	13.642
Total Current Liabilities (4)	1062.259	936.244
TOTAL	1825.346	1657.965
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	568.941	625.182
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	4.630	4.154
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	6.290	7.018
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	17.574	39.935
(e) Other Non-current assets	5.920	22.863
Total Non-Current Assets	603.355	699.152
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	660.564	458.261
(c) Trade receivables	164.500	101.044
(d) Cash and cash equivalents	80.875	70.102
(e) Short-term loans and advances	312.004	327.486
(f) Other current assets	4.048	1.920
Total Current Assets	1221.991	958.813
TOTAL	1825.346	1657.965

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		107.107
2] Share Application Money		0.000
3] Reserves & Surplus		404.071
4] (Accumulated Losses)		0.000
NETWORTH		511.178
LOAN FUNDS
1] Secured Loans		667.034
2] Unsecured Loans		36.071
TOTAL BORROWING		703.105
DEFERRED TAX LIABILITIES		4.906
TOTAL		1219.189
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		640.009
Capital work-in-progress		8.659
INVESTMENT		10.697
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	624.364
	Sundry Debtors	235.586
	Cash & Bank Balances	50.603
	Other Current Assets	0.000
	Loans & Advances	225.549
Total Current Assets		1136.102
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	442.577
	Other Current Liabilities	94.506
	Provisions	39.195
Total Current Liabilities		576.278
Net Current Assets		559.824
MISCELLANEOUS EXPENSES		0.000
TOTAL		1219.189

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2139.168	2129.615	2109.471
		Other Income	2.396	3.162	14.957
		TOTAL	2141.564	2132.777	2124.428
Less	EXPENSES
		Cost of Materials Consumed	1088.025	908.358	280.432
		Purchases of Stock-in-Trade	195.968	96.729	7.431
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(139.428)	127.279	1095.865
		Employees benefits expense	172.156	168.984	169.476
		Other expenses	682.204	679.658	426.079
		TOTAL	1998.925	1981.008	1979.283
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		142.639	151.769	145.145
Less	FINANCIAL EXPENSES		82.865	94.331	65.307
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		59.774	57.438	79.838
Less/ Add	DEPRECIATION/ AMORTISATION		35.922	34.937	34.070
	PROFIT BEFORE TAX, EXCEPTIONAL ITEMS		23.852	22.501	45.769
Less	EXCEPTIONAL ITEMS		(2.144)	0.814	0.000
	PROFIT BEFORE TAX		25.996	21.687	45.769
Less	TAX		10.688	6.590	12.372
	PROFIT AFTER TAX		15.308	15.097	33.397
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		240.596	225.499	192.103
	BALANCE CARRIED TO THE B/S		255.904	240.596	225.499
	Earnings Per Share (Rs.)		1.44	1.42	1.52

Particulars	31.03.2014
Sales Turnover (Approximately)	2875.700

The above information has been parted by Mr. Kailash Rathi

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.71	0.71	1.57
Net Profit Margin (PBT/Sales)	(%)	1.22	1.02	2.17
Return on Total Assets (PBT/Total Assets}	(%)	1.43	1.32	2.58
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.09
Debt Equity Ratio (Total Debt/Networth)		1.22	1.24	2.50
Current Ratio (Current Asset/Current Liability)		1.15	1.02	1.97

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	107.107	107.107
Reserves & Surplus	403.259	402.416
Net worth	510.366	509.523
long-term borrowings	122.829	153.753
Short term borrowings	512.191	467.043
Total borrowings	635.020	620.796
Debt/Equity ratio	1.244	1.218

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2109.471	2129.615	2139.168
		0.955	0.449

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2109.471	2129.615	2139.168
Profit	33.397	15.097	15.308
	1.58%	0.71%	0.72%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CASE DETAILS:

RAJASTHAN HIGH COURT

CASE STATUS INFORMATION SYSTEM

Case Status : PENDING

Status of Limitation Writ 343 of 2014

STATE OF RAJ. & ANR Vs. M/S. A INFRASTRUCTURE LTD.,

Pet’s Adv. : VINIT KUMAR MATHUR

Res’s Adv. :

Last Listed On: // Court No. :

Category : NO CATEGORY MENTIONED

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
TERM LOAN
From Banks	59.714	0.000
From Others	1.168	2.357
Loans and Advances From Related Parties	10.795	9.815
Other Loans and Advances	7.253	7.035
SHORT TERM BORROWINGS:
Loans Repayable on Demand	9.460	25.000
Loans From NBFC	0.000	2.770
Loans and Advances From Related Parties	0.821	1.500
Total	89.211	48.477

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014

Rs in Millions

Sr. No.	Particulars			Quarter Ended			Audited For The Year Ended
				unaudited	unaudited	Unaudited
				30.06.2014	30.06.2013	31.03.2014	31.03.2014
1	(a) Net Sales/Income from Operations			873.899	864.969	629.740	2632.503
	(b)Other Operating Income			--	--	--	--
	Total Income From Operations (Net)			873.899	864.969	629.749	2632.503
2	Expenditure
	(a)		Cost of Materials Consumed	369.512	349.915	337.101	1193.397
	(b)		Purchases of Stock-in-Trade	69.151	96.650	96.718	372.157
	(c)		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	128.092	99.173	(32.043)	96.538
	(d)		Employees benefits expense	52.939	38.484	53.076	185.710
	(e)		Depreciation and amortization expense	9.013	8.996	8.964	35.819
	(f )		Other expenses	254.438	212.913	174.246	660.231
			TOTAL (B)	883.145	806.131	638.062	2543.852
3	Profit from operation before other income, interest and other exceptional items(1-2)			(9.246)	58.838	(8.313)	88.651
4	Other Income			0.746	0.518	3.637	7.759
5	profit before interest and exceptional items(3+4)			(8.500)	59.356	(4.676)	96.410
6	Interest			16.600	23.538	22.755	83.747
7	Profit after interest but before exceptional items(5-6)			(25.100)	35.818	(27.431)	12.663
8	Exceptional Items			--	--	--	0.105
9	Profit(+)/Loss(-) from Ordinary Activities before tax (7-8)			(25.100)	35.818	(27.431)	12.558
10	Tax Expenses			--	--	2.385	2.385
11	Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10)			(25.100)	35.818	(29.816)	10.173
12	Extra Ordinary Items			--	--	--	--
13	Net Profit(+)/Loss(-) for the period (11-12)			(25.100)	35.818	(29.816)	10.173
14	Paid-up Equity Share Capital Rs.10/ per share			106.614	106.614	106.614	106.614
15	Reserves excluding revaluation reserves			--	--	--	284.875
16		Earning Per Share
(a)		Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		(2.35)	3.36	(2.80)	0.95
(b)		Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		(2.35)	3.36	(2.80)	0.95
17		Public Shareholding
		Number of Shares		2777640	2777640	2777640	2777640
		Percentage of Shareholding		26.05	26.05	26.05	26.05
18		Promoters and Promoter group
		a) Pledged/Encumbered
		Number of shares		--	--	--	--
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		--	--	--	--
		Percentage of Shares (as a % of the total share capital of the Company)		--	--	--	--
		b) Non-encumbered
		Number of shares		7883785	7883785	7883785	7883785
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		100	100	100	100
		Percentage of Shares (as a % of the total share capital of the Company)		73.95	73.95	73.95	73.95
		Particulars					3 months ended 30.06.2014
		INVESTOR COMPLAINTS
		Pending at the beginning of the quarter					NIL
		Received during the quarter					NIL
		Disposed of during the quarter					NIL
		Remaining unresolved at the end of the quarter					NIL

Notes:

1 the above financial results for the quarter ended 30^thJjune, 2014 were reviewed by the Audit Committee and have been taken on record at the meeting of the Board of Directors of the company held on 14^th August 2014. The statutory auditors have carried out a limited review of the financial results.

2 the company’s business activities falls within a single business segment in term of accounting standard – 17 of ICIA

3 The Depreciation based on useful life of assets under provisions of the companies Act, 2013 with its impact on the statement of Profit and Loss will be done at year end till then the company continues to provide depreciation at same old rates as prided in the companies act, 1956.

4 Figures of the quarter ended 31^st March, 2014 are th balancing figures between audited figures in respect to the financial year ended on 31^st March, 2014 and the published year to date of figures up to the quarter ended 31^st December, 2013.

5 the figures of the previous period have been re-grouped or re – arranged and / or recast wherever found necessary.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10375660	04/09/2012	8,500,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA - 311001, RAJASTHAN, INDIA	B57765984
2	10336808	20/02/2012 *	950,000,000.00	STATE BANK OF BIKANER AND JAIPUR	BHOPALGANJ, BHILWARA - 311001, RAJASTHAN, INDIA	B34918276
3	10302337	25/06/2011	7,500,000.00	STATE BANK OF PATIALA	6-S-1, BASANT VIHAR, BHILWARA - 311001, RAJASTHAN, INDIA	B18855130
4	10210352	26/02/2011 *	117,500,000.00	STATE BANK OF BIKANER & JAIPUR	BHOPALGANJ, BHILWARA - 311001, RAJASTHAN, INDIA	B10682888
5	10086105	22/02/2012 *	64,000,000.00	STATE BANK OF PATIALA	BASANT VIHAR, BHILWARA - 311001, RAJASTHAN, INDIA	B37323961
6	10086035	11/01/2008	90,000,000.00	STATE BANK OF PATIALA	6-S-1,BASANT VIHAR, BHILWARA - 311001, RAJASTHAN, INDIA	A31817802
7	90070485	19/12/2011 *	664,500,000.00	STATE BANK OF BIKANER AND JAIPUR	BHUPAL GANJ, BHILWARA - 311001, RAJASTHAN, INDIA	B29830866
8	90113281	04/05/2006 *	296,000,000.00	STATE BANK OF BIKANER AND JAIPUR	BHOPALGANJ, BHILWARA - 311001, RAJASTHAN, INDIA	-
9	80014363	25/06/2011 *	1,338,000,000.00	STATE BANK OF BIKANER & JAIPUR	BHUPALGANJ, BHILWARA - 311001, RAJASTHAN, INDIA	B16674962
10	90069736	09/02/1994	86,700,000.00	STATE BANK OF BIKANER & JAIPUR	BHILWARA, BHILWARA, RAJASTHAN, INDIA	-

FIXED ASSETS:

· Land and Building

· Factory Machinery

· Equipment

· Office Building

· Plant and Machinery

· Laboratory Equipments

· Electric Installation

· Furniture and Fixtures

· Computer

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgment or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration:

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration:

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime:

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws:

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards:

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government:

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package:

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report:

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.